Joseph Stiglitz

In an interview, the Nobel Prize winning economist decries the institutionalized system of skewed incentives that allowed Wall Street bankers and other corporate execs to gamble with the country's wealth, and then get away largely scot-free. What happened to "with justice for all," he asks.

Kansas City Federal Reserve President Thomas Hoenig broke ranks with some of his fellow regional Federal Reserve executives Tuesday, warning against further monetary action as a way to spur economic activity.

Federal Reserve Bank of Chicago President Charles Evans proposed further monetary action on the part of the Federal Reserve, including purchasing more Treasury bonds to cut the cost of borrowing, while lowering his forecast for U.S. economic growth, the Wall Street Journal reported. Meanwhile, Nobel Prize winning economist Joseph Stiglitz warned against such a policy, saying that monetary action would wreak havoc on the foreign-exchange markets, according to Reuters.

Europe's shakiest economies managed to ride out a sovereign debt crisis this spring with a lot of help from their more stable neighbors and the major central banks. But with global recovery faltering, the data coming out of Europe suggests we may soon see a replay of the debt default crisis.

Nobel Prize winner Joseph Stiglitz says the U.S. government needs to borrow even more money for additional stimulus, and it needs to do so now. Stiglitz argues that additional spending would pay for itself over time if done prudently.